Bel Air Mega-Mansion The One Focus of Legal Battle

The One pulled from Los Angeles Superior Court  foreclosure sale

By Dolores Quintana

An infamous mega mansion in Bel Air continues to be at the center of a lengthy legal battle. 

As reported by the LA Times, Nile Niami’s development company Crestlloyd’s 105,000 square foot mega-mansion in Bel Air, dubbed The One was pulled from a Los Angeles Superior Court’s foreclosure sale in Pomona just as it was set to be auctioned off to the highest bidder. Niami is formerly a film producer who went into real estate after a run of films in the 1990’s. The One is possibly the largest contemporary home in history, but the is not completed and does not have a certificate of occupancy from Los Angeles County. 

The foreclosure auction was set after Crestlloyd failed to pay $106 million in debt to Hankey Capital, the real estate lender Don Hankey’s company, in the spring. This is not the first time that creditors have attempted to sell the property off. It was the third attempt that was delayed by one or more of the involved parties. Hankey put off the sale that was scheduled in July after deciding that the property should be completed and sold by a third party receiver company. This was a choice that was supported by Niami and the other creditors. When Hankey reversed course and pushed the sale ahead, one of the other creditors, Joseph Englanoff’s Yogi Securities Holdings, filed for a temporary restraining order which was not granted. Englanoff is a doctor and a frequent investor in Niami’s deals and believed that Hankey was attempting to take ownership of the property at auction or take all the money generated from the sale. This action delayed the sale to October 27. The delay was an attempt to allow the different creditors time to come to an agreement by Superior Court Judge Mitchell Beckloff. 

The mega-mansion, which was formerly estimated to be worth upwards of $500 million, was estimated to be worth $325 million by Crestlloyd in their bankruptcy documents along with $180 million dollars in debt with $176 million of that total as secured debt according to the LA Times. Bankruptcy Judge Deborah Saltzman will take the case and, for now, that will keep the property from being auctioned off. 

The disputed property, located at 944 Airole Way in Bel Air, is more than just a regular home, according to to the LA Times it “features ultra-luxury amenities such as multiple pools; a spa; a beauty salon with washing, cutting and pedicure stations; cigar and candy rooms; a four-lane bowling alley; a rooftop putting green; and a multiplex-size movie theater.”

SierraConstellation Partners’ Jim Peters has been appointed manager of Crestlloyd according to the LA Times and is quoted by the Times as having said, “the focus will be on completing the home, marketing it and ensuring it is seen by prospective high-level buyers — including one who ultimately purchases it. This isn’t just a regular home to sell, so there’s certain steps you need to take to be able to deal with a home like this. It starts with money, and working out a deal to be able to execute that is probably the top priority right now.” As of now, the foreclosure sale has been postponed to Nov. 29.

The question in this bankruptcy case and struggle for control of the property is based on whether or not the home still has enough value to pay back the creditors like Hankey Capital. The LA Times quotes John Tedford, an attorney at Danning Gill,  “If the property is worth less than Hankey Capital is owed, the judge is more likely to allow Hankey to proceed with its foreclosure,” he said. “It becomes a battle of experts — Crestlloyd’s appraiser versus Hankey Capital’s appraiser — with the judge somehow having to decide how much this unique property is worth.”

Related Posts

Brentwood, Palisades, West LA Libraries Closures for Juneteenth

June 18, 2024

June 18, 2024

Upcoming Program and Event Schedules for The Week  Brentwood Library Schedule: We are celebrating Juneteenth this Wednesday, June 19! The...

Yoga Gurus Sentenced for Defrauding Malibu Doctor

June 18, 2024

June 18, 2024

Dr. Sawusch Had a Successful Medical Practice in Pacific Palisades and Amassed Significant Wealth Through Investments A federal judge sentenced...

Texas Man Sentenced to 33 Months for Threatening U.S. Rep. Maxine Waters

June 18, 2024

June 18, 2024

Gaherty Targeted the Congresswoman With Racist and Violent Threats  A Texas man was sentenced to 33 months in federal prison...

Tech Entrepreneur and Developer Company Buy Promenade Shops for $103M: Report

June 18, 2024

June 18, 2024

Acquisitions Include 1202, 1222, 1225, 1232, 1339, and 1344 Third Street Promenade Federal Realty Investment Trust has sold eight parcels...

ATAM to Host Content Creation Camp for Kids

June 17, 2024

June 17, 2024

All Ages Welcome, Popular Among Ages 7-12, With Offerings for Ages 4.5 ATAM is hosting a Content Creation and Editing...

Slain Jameson’s Pub Manager Described as a “Provider and Father Figure” by Loved Ones

June 17, 2024

June 17, 2024

His Last Days Were Spent Taking His Niece and Nephew Out for Ice Cream By Zach Armstrong  Family members, friends...

Michelin-Starred Chef James Kent Passes Away, Saga Hospitality Group Announces

June 16, 2024

June 16, 2024

Chef Kent Is Remembered for His Culinary Excellence and Charity Work The Saga Hospitality Group announced the death of Michelin-starred...

Brand New, Six-Bed Palisades Mansion Hits Market at $34M

June 16, 2024

June 16, 2024

The lower level boasts a bar, lounge, wine tasting room, home theater, and a full spa with a gym A...

Marina del Rey Sportfishing: A Great Day on the Water

June 14, 2024

June 14, 2024

Fishing is a pastime like no other. You can experience the nostalgia of that pastime in real time at Marina...

Fatal Altercation Outside Santa Monica Pub Leads to Homicide Charge

June 14, 2024

June 14, 2024

Venice Resident Charged in Death of Jameson’s Pub Manager A man has been charged with homicide following a fatal altercation...

Laurene Powell Jobs Adds Another Malibu Pad to her Paradise Cove Portfolio

June 13, 2024

June 13, 2024

This Acquisition Marks Powell Jobs’ Fourth Property in the Upscale Enclave, Adding to Three Adjacent Parcels She Has Acquired Over...

Former HR Chief of Santa Monica Accuses City of Racial Discrimination

June 13, 2024

June 13, 2024

She Was Selected in 2018 as the First African American to Hold That Position Within City Leadership, According to the...

Juneteenth Art Exhibition Set for Abbot Kinney Boulevard

June 13, 2024

June 13, 2024

The Event Features Works by Twelve Prominent Black Artists From Los Angeles An art exhibition titled “FREEDOM” will open at...

Chris Pratt and Katherine Schwarzenegger Cut Price on Palisades Home by $6.5M

June 12, 2024

June 12, 2024

The couple purchased the property in June 2018 for $15.6 million and extensively remodeled it While actor Chris Pratt’s box-office...

Hang-Ten Therapeutics-Surf Therapy for Kids: Catching Waves and Finding your Calm

June 12, 2024

June 12, 2024

A different type of therapy is making waves in Los Angeles. Hang-Ten Therapeutics, founded by Naomi Matanick, a licensed pediatric...